Argentina’s central bank takes part in blockchain clearing pilot

Test system will use smart contracts with timestamping from the bitcoin blockchain

Blockchain image

The Central Bank of Argentina (BCRA) will help test a new interbank clearing system that uses blockchain technology to execute smart contracts.

The pilot was announced on April 16 by Gibraltar-based firm IOV Labs, which has developed a proof of concept using its RSK blockchain network.

In 2019, a consortium called the “financial innovation roundtable”, which included the BCRA, began designing the system. IOV Labs was chosen to provide the underlying technology for the platform.

The system

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